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Ghana Cedi Mahama shades Bawumia over Cedi depreciation

Former President John Mahama questioned whether the governing New Patriotic Party (NPP) are also implementing weak fundamentals which is causing the cedi to depreciate.

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Former President John Mahama play

Former President John Mahama

Former President John Mahama is mocking Vice President Dr. Mahamudu Bawumia over the depreciation of the Ghana Cedi against the dollar.

The Ghana Cedi is currently depreciating to major international currencies such as the Dollar and the Pounds Sterling.

Currently, GHS4.7 is going for $1.

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On his Twitter timeline, ex-president Mahama posted a blip ahead of the 2016 elections where Dr Bawumia described the then NDC government as incompetent on matters of the economy.

 “You can engage in all the propaganda you want, but if the fundamentals are weak, the exchange rate will expose you,” Dr. Bawumia once said.

 

Mr Mahama questioned the statement made as a way of reminding the Vice President of what he said years ago.

“Weak fundamentals?” he asked, after indicating that GHS4.7 is going for $1 on the exchange rate now

Vice President, Dr. Mahamudu Bawumia play

Vice President, Dr. Mahamudu Bawumia

 

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Dr. Bawumia on April 17, 2017 at a town hall meeting boasted: “When we came in, it [cedi] was running, essentially we have arrested it [cedi], and the IGP has the keys, he’s locked it up, we want to make sure we pursue sound policies to keep the cedi stable, it has appreciated for this year.”

Meanwhile, the Bank of Ghana has blamed external factors for the cedi depreciation and said that the situation is temporary.

“We want to assure the market that we have adequate reserves and the fundamentals do not support the slippages we have seen and we expect it to correct itself,” Director of Financial Markets Department at the central bank, Steve Opata, told the media a few days ago.

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